MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, September 29, 2000 MutualFunds.com Plants For Sale Sign In an ironic twist MutualFunds.com has put its domain name up for sale. The decision to sell the name was made after the startup decided to focus on distance learning and forgo the more retail opportunities that would make the most sense to be paired with the name. If the name is sold the firm plans to use "FinancialServicesInstitute.com" as its new Web address. That domain name is registered to Patrick Fitzgerald of Milton, Massachusetts. The decision to sell the name is eye-opening since the name was the inspiration for the creation of the company. MutualFunds.com, LLC was founded in 1999 by Bruce Speca, president and chief executive officer, who at the time was employed by NVest. The financial services company is one of the seed investors in MutualFunds.com. NVest also contributed the name to the company which it had owned since 1994. Speca explained that education and training was the largest revenue contributor of the firm's original business plan and that the firm believes that as it focuses on that business-to-business opportunity the URL would be an underutilized asset if we were to retain it. "With more than 32,000 financial services organizations and 5 million employees requiring some level of courseware, e-learning in the financial services industry is expected to be a $1 billion market by 2003," he explained. "Selling our URL, mutualfunds.com, for a significant premium can provide us additional capital to develop and expand our e-learning offering, the Financial Services Institute, and tap into this growing market." At its conception, the startup was aiming at creating a fund destination that would serve professionals in the industry, intermediaries and end consumers. Recently, though, the firm has said that it is focusing on the opportunities to provide continuing education and distance learning through the Web to intermediaries. Abe Gorelick, vice president of marketing, confirmed that the firm employees 22 currently and that the number has not changed because of the decision. "Our employees are very committed and excited about the opportunity," he said. The Boston-based firm plans to retain its news, content and community features as it believes they are tied to its new mission. Printed from: MFWire.com/story.asp?s=26162 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |